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Municipal Finance Definitions for Series 7 Exam


State Governements, Legally Constituted Taxing Authorities and Territorial US Possessions

Maturity Structures

Term, Serial and Balloon

Term Maturity

All principal matures at a single date in the future. Quoted by price like corporates. Called dollar bonds.

Serial Maturity

Bonds within an issue mature on different dates according to a predetermined schedule. Quoted on YTM

Balloon Maturity

Issuer pays part of a bonds maturity before the final maturity date. Largest portion paid at maturity.

Overlapping Debt

Several taxing authorities that draw from the same taxpayers can issue debt 2 or more issuers tax the same property

Coterminous Debt

2 or more taxing agencies that share map and can issue debt seperately. Usually occurs in property taxes

Double-Barreled Bonds

Revs with GO features. Interest and principal paid from earnings. Bonds also backed by the taxing power of municipality. Rated and Traded like GOs

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